\begin{table}[h!]
    \centering
    \caption{Impacts of Developer Specialization on 421-a Participation and Lot Ownership}
    \label{tab:developer_specialization}
    \small
    \begin{tabular*}{\textwidth}{@{\extracolsep{\fill}}lccccccc@{}}
\toprule
 & (1) & (2)            & (3)              & (4)        & (5)          & (6)         & (7)              \\  \addlinespace
Fixed Effects:                  & None     & \multicolumn{3}{c}{Borough} & \multicolumn{3}{c}{Neighborhood Tabulation Area} \\ \cmidrule{2-2}\cmidrule{3-5}\cmidrule{6-8}
Controls:                   & None       & None   & Lot   & Lot \& Block       & None & Lot & Lot \& Block      \\ \midrule \addlinespace
\multicolumn{5}{@{}l}{\emph{Panel A: Does Developer 421-a Experience Affect Participation?}} \\ \addlinespace
421-a Incentive           & 5.12***    & 5.27***      & 5.71***        & 6.22*** & 5.35***    & 6.09***      & 6.22*** \\
                         & (0.31)    & (0.56)      & (0.68)        & (0.73) & (0.68)    & (0.79)      & (0.76) \\ \addlinespace 
Dev.\ \% 421-a           & 2.02***    & 1.89***      & 1.56***        & 1.57*** & 1.88***    & 1.46***      & 1.41*** \\
                         & (0.35)    & (0.34)      & (0.36)        & (0.40) & (0.41)    & (0.45)      & (0.45) \\ \addlinespace    
$N$                       & 10,683    & 10,683      & 10,665        & 10,658 & 6,559    & 6,545      & 6,540 \\
Clusters & 178    & 178      & 178        & 178 & 79    & 79      & 79 \\ \addlinespace \midrule \addlinespace
Cost Savings         & 0.395***    & 0.359***      & 0.273***        & 0.252*** & 0.352***    & 0.240***      & 0.226*** \\
 & (0.072)    & (0.076)      & (0.066)        & (0.065) & (0.081)   & (0.073)      & (0.070) \\ \addlinespace \toprule  \addlinespace
 \multicolumn{5}{@{}l}{\emph{Panel B: Is Lot Ownership Endogenous to 421-a?}} \\ \addlinespace
Dev.\ \% 421-a         & 0.003    & 0.073***      & 0.001        & -0.007 & 0.040*    & -0.006      & -0.014 \\
 & (0.025)    & (0.021)      & (0.024)        & (0.023) & (0.021)   & (0.022)      & (0.023) \\  \addlinespace    
$N$                       & 10,683    & 10,683      & 10,674        & 10,667 & 10,675    & 10,666      & 10,659 \\
Clusters & 178    & 178      & 178        & 178 & 170    & 170      & 170 \\\addlinespace \bottomrule
\end{tabular*}
      

        	\begin{spacing}{1}
\begin{tablenotes}
      \item \footnotesize \textit{Notes:} This table extends, in Panel A, the specification of Equation \ref{eq:logit} to include a measure of developers' 421-a specialization, the leave-out share of buildings they enter into 421-a, weighted by the number of residential units. In Panel B, I regress the 421-a incentive $\Delta\tau_i$ on the measure of developer specialization. Standard errors are clustered at the neighborhood level. $\sym{*} = p < 0.10$, $\sym{**} = p < 0.05$, $\sym{***} = p < 0.01$.
      \end{tablenotes}
       \end{spacing}
\end{table}